Bulgaria's C-Bank Hails Sale of Credit Agricole Unit

Bulgaria's central bank announced on Wednesday it has been informed of Credit Agricole local unit sale to Bulgarian bank Corporate Commercial Bank and approves of the deal.

“Bulgaria's central bank has always supported the processes of consolidation in the banking sector, as this strengthens the stability of the banking system,” the Bulgarian National Bank said in a statement, circulated to the media.

“In this case, one of the leading Bulgarian credit institutions acquires another on a very competitive market, which is a testament to the continuing processes of consolidation of the banking capital in the Bulgarian banking sector,” it added.

Credit Agricole said on Wednesday it agreed to sell its Bulgariadivision to Bulgarian bank Corporate Commercial Bank.

The French bank said the sale would lead to a EUR 160 M reduction in its risk-weighted assets while lowering its solvency ratios by less than 1 basis point.

The transaction still requires approval from regulators and consultation with staff representatives, Credit Agricole added.

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